Grainger (LSE:GRI) told investors that trading for the eleven months to the end of August remained in line with guidance, with like-for-like Build to Rent (BTR) rental growth of 3%, up from 2.9% at the half-year stage in March.
The UK's largest listed provider of private rental homes, which manages over 11,000 rental properties, reported occupancy holding steady at more than 96%.
Leasing at its newest scheme, Glasshouse Square in Bristol, is running ahead of expectations, with 313 of 374 homes let or under offer nine months after its November 2025 launch.
"We are on track to grow earnings by 35% from FY25 to FY29 from the build-to-rent development projects in our committed pipeline", said chief executive Helen Gordon, adding that the company is targeting net debt reduction of £300-350m by the end of FY29.
Grainger secured planning permission for a 425-home scheme in Cambridge, its first investment in the city, developed with Network Rail's Platform4 and blocwork.
The group has also submitted a planning application for a second Nottingham scheme of 252 homes.
Cost cuts continue, with £2.4m already removed from central overheads this year and a further £2m targeted for FY27, taking total savings to 12% of the cost base.
Gordon said the government's recent confirmation of opposition to rent controls, alongside the retention of housing minister Matthew Pennycook, had removed political uncertainty following the Renters' Rights Act's introduction in May.
Grainger will report full-year results for the year ending 30 September on 19 November.
News Intelligence what this means for the company
Grainger reaffirmed full-year guidance with like-for-like BTR rental growth accelerating to 3% (from 2.9% at half-year), occupancy steady above 96%, and its newest Bristol scheme leasing ahead of plan. The company remains on track for its 35% earnings growth target through FY29 while executing cost cuts (£2.4m removed this year, £2m more targeted for FY27) and targeting £300–350m net debt reduction by end-FY29—a material deleveraging goal against a backdrop of reduced political uncertainty following the government's recent confirmation of opposition to rent controls.
The update confirms Grainger's BTR development pipeline is performing to plan and that operational momentum (rental growth, occupancy, new scheme lettings) is intact. Cost discipline and debt reduction targets remain on track, supporting the earnings growth thesis, though full-year results on 19 November will be the next material test of execution.
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